EMERYVILLE, Calif.,
Nov. 5, 2020 /PRNewswire/
-- Amyris, Inc. (Nasdaq: AMRS), a leading synthetic
biotechnology company in Sustainable Health and Clean Beauty
markets through its consumer brands and a top supplier of
sustainably sourced natural ingredients, today announced financial
results for its third quarter ended September 30, 2020.
John Melo, President and Chief
Executive Officer of Amyris said, "The third quarter of 2020 was
another strong quarter for our company. Our ability to deliver
record Product Revenue in these difficult and uncertain times is a
testament to the resiliency of our team, the growing trend of
consumers' commitment to sustainable brands, our products, and the
robustness of our business model."
Mr. Melo added, "During the quarter, we continued to execute
across the strategic priorities we laid out in the beginning of the
year. Our consumer business is growing at over three times 2019
revenue and delivered significantly expanded Gross Margin. We
expect the combination of a strong fourth quarter along with the
successful completion of strategic transactions to set us up for a
profitable 2021."
Q3 2020 Financial Highlights
- Sales Revenue: Product Revenue (Consumer &
Ingredients) of $31 million was up
58% compared with the prior year quarter, with year-over-year
revenue growth in Consumer (+203%) and Ingredients (+21%).
- Cash operating expense of $43 million improved $5
million or 10% versus the prior year quarter, mostly due to
lower G&A expense.
- Adjusted EBITDA of -$33
million improved $10 million
year-over-year due to strong revenue growth, improved gross margin
and lower operating expense.
- Interest expense of $7
million was down $10 million
or 61% from Q3 2019 due to lower debt and an improved average
interest rate.
Strategic Highlights
1. High growth consumer
brands: above-market growth
- Recent Progress:
-
- Our wholly owned consumer brands delivered 220% growth on a
year-to-date basis. Product Revenue demonstrated three consecutive
quarters of >55% YoY growth.
- Continued international growth of Biossance.
- Upcoming milestone:
-
- Pipette & fast-tracked to launch in China in November.
- Biossance Entering China by year end
2. Scientific and commercial
collaboration: fast time from lab to industrial scale
- Recent Progress:
-
- Executed agreement with the Infectious Disease Research
Institute (IDRI) to accelerate development of a mRNA vaccine
platform, starting with COVID-19 as first application.
- Scaled commercial production of Cannabigerol (CBG), leveraging
our fermentation process capability.
- Upcoming milestone:
-
- On track to deliver four molecules at scale, surpassing 2020
target of two to three.
- Q4 Ingredients revenue to benefit from new products to
market.
3. Supply chain optimization: enhanced
product margins
- Recent Progress:
-
- Year-to-date gross margins improved versus 2019 driven by both
Consumer and Ingredients. Consumer margins were 67% year-to-date,
well within the 60-70% anticipated target range.
- Cosmetics Ingredient Business delivered 49% adjusted EBITDA
margin.
- Upcoming milestone:
-
- Construction of integrated Brazil ingredients plant on track for Q4 2021
commissioning.
4. Improved balance sheet, earnings and cash
flow: financial foundation for success
- Recent Progress:
-
- Improved margin profile of consumer brands and ingredients
portfolio.
- Q3 cash operating expense improved 10%, mostly due to lower
G&A.
- Q3 interest expense was down 61%. Debt was reduced 41% since
the start of 2020.
Q3 2020 and Year-to-Date (YTD) Sales Revenue
|
Three Months
Ended
September 30,
|
|
Nine Months
Ended
September 30,
|
(In
millions)
|
2020
|
2019
|
YoY%
|
|
2020
|
2019
|
YoY%
|
Consumer
|
12.3
|
4.1
|
203%
|
|
34.4
|
10.8
|
220%
|
Ingredients
|
18.8
|
15.6
|
21%
|
|
42.2
|
33.7
|
25%
|
Product
|
$
31.1
|
$
19.7
|
58%
|
|
$
76.6
|
$
44.5
|
72%
|
Collaborations &
Grants
|
3.1
|
7.0
|
-56%
|
|
12.0
|
15.5
|
-23%
|
Underlying
Total
|
$
34.3
|
$
26.7
|
28%
|
|
$
88.6
|
$
59.9
|
48%
|
Other1
|
--
|
8.2
|
|
|
4.8
|
52.1
|
|
Reported
Total
|
$
34.3
|
$
35.0
|
-2%
|
|
$
93.4
|
$
112.0
|
-17%
|
|
|
|
|
|
|
|
|
1 Other: includes Vitamin E
transaction and 2019 Lavvan collaboration revenue
|
- Q3 reported Total Revenue of $34
million included strong Product Revenue growth compared to
the prior year quarter.
- Q3 Product Revenue of $31 million
increased $11 million or 58% compared
with the prior year quarter, with year-over-year revenue growth in
Consumer (+203%) and Ingredients (+21%). Q3 marks the third
consecutive quarter of tripled year-over-year Consumer
Revenue.
- YTD Sales Revenue also saw strong growth from Product Revenue,
partly offset by lower Collaboration Revenue.
Q3 2020 and Year-to-Date (YTD) Other Key Financials
- Q3 Gross margin of 41% was supported by strong improvement in
Product margins. Q3 Product gross margin of 35% grew $11 million versus the prior year quarter with a
$9 million year-over-year improvement
from Consumer and $2 million from
Ingredients. YTD Gross margin also reflected a strong improvement
in Product margins. Prior year gross margins were helped by higher
Collaboration Revenue and a one-off Vitamin E transaction.
- Q3 Cash Operating Expense of $43
million improved $5 million or
10% versus the prior year quarter. Improvements in G&A and
R&D expense were partly redirected to marketing investments to
support Consumer brand growth. T&E expense was down due to
COVID-19. Sequential cash operating expense was flat despite
continued topline growth. YTD cash operating expense of
$130 million was down $6 million or 4%.
- Q3 Adjusted EBITDA of -$33
million improved $10 million
versus the prior year quarter due to strong revenue growth,
improved gross margins and lower expense. YTD adjusted EBITDA of
-$101 million improved from
-$131 million in the prior year
driven by gross margin growth and lower operating expense. Adjusted
EBITDA excludes one-time impact from Vitamin E, Lavvan revenue and
a one-off credit loss.
- Interest Expense of $7 million
was down $10 million or 61% from Q3
2019 due to lower debt and an improved average interest rate. Q3
2020 finished with debt of $175m,
which compares to $241m at the end of
the prior year quarter. YTD interest expense of $42 million improved by $3
million.
- Q3 GAAP Net Income of -$23
million compared with -$60
million in 2019. The year-over-year and year-to-date
comparisons are impacted by various non-cash adjustments related to
fair value of derivatives and debt.
- Diluted EPS of -$0.41 compared
with -$0.56 for Q3 of 2019. YTD
diluted EPS was -$1.46, which
compared to -$2.11 for YTD 2019.
Despite strong financial performance in the third quarter, the
extent to which the COVID-19 pandemic could affect Amyris' future
financial results and operations is subject to a high degree of
uncertainty, and therefore the company is not providing formal
guidance at this time.
FINANCIAL RESULTS AND NON-GAAP INFORMATION
To supplement our financial results and guidance presented on a
GAAP basis, we use non-GAAP measures that we believe are helpful in
understanding our results. These non-GAAP measures are among the
factors management uses in planning and forecasting future periods.
These non-GAAP financial measures also facilitate management's
internal comparisons to Amyris's historical performance as well as
comparisons to the operating results of other companies. Management
believes these non-GAAP financial measures are useful to investors
because they allow for greater transparency into the indicators
used by management to understand, manage, and evaluate our business
and make operating decisions. Our non-GAAP financial measures
include the following:
Non-GAAP net income (loss) is calculated as GAAP net income/loss
excluding stock-based compensation expense, gains or losses from
change in fair value of debt, gains and losses from changes in the
fair value of derivatives, losses on debt extinguishment, losses
allocated to participating securities, deemed dividends to
preferred stockholders, contract asset credit loss reserve,
inventory lower of cost or net realizable value adjustments, loss
from investment in affiliate and other income/expense.
Adjusted diluted EPS is calculated by dividing Non-GAAP net
income (loss) by the weighted average shares, basic and diluted
outstanding for the period.
Non-GAAP Gross Margin (Gross Margin) is calculated as GAAP
revenues divided by GAAP cost of products sold excluding excess
capacity, depreciation and amortization, other costs/provisions and
inventory lower of cost or net realizable value adjustments.
Non-GAAP Cash Operating Expense is calculated as GAAP Operating
Expense minus non-cash stock-based compensation, depreciation and
amortization. In Q3 2020 it also excluded a one-off credit
loss.
EBITDA is calculated as GAAP net loss less interest, expense,
income tax expense, depreciation and amortization, deemed dividends
to preferred stockholders and losses allocated to participating
securities.
Adjusted EBITDA is calculated as EBITDA less stock-based
compensation expense, gains or losses from change in fair value of
debt, gains and losses from changes in the fair value of
derivatives, losses on debt extinguishment, other income/expense,
net, loss from investment in affiliate, contract asset credit loss
reserve and inventory lower of cost or net realizable value
adjustments.
Non-GAAP financial information is not prepared under a
comprehensive set of accounting rules, and therefore, should only
be read in conjunction with financial information reported under
U.S. GAAP in order to understand Amyris's operating performance. A
reconciliation of the non-GAAP financial measures presented in this
release to the most directly comparable GAAP financial measure, is
provided in the tables attached to this press release.
Conference Call
Amyris will host its third quarter
2020 conference call today at 9:00 am
ET (6:00 am PT) to discuss its
financial results and provide an update on the company's business.
Those who wish to listen to the conference call should dial into
(877) 870-4263 (U.S.) or (412)-317-0790 (international) and ask to
be joined to the Amyris, Inc. call. A live webcast of the call will
be available online on the Amyris website. To listen via live
webcast, please visit: http://investors.amyris.com.
A replay of the webcast will be available on the Investor
Relations section of the company's website approximately two hours
after the conclusion of the call. Additional information on Amyris'
third quarter 2020 results can also be found on the Company's
website.
About Amyris
Amyris (Nasdaq: AMRS) is a science and
technology leader in the research, development and production of
sustainable ingredients for the Sustainable Health, Clean Beauty
and Flavors & Fragrances markets. Amyris uses an impressive
array of exclusive technologies, including state-of-the-art machine
learning, robotics and artificial intelligence. Our ingredients are
included in over 3,000 products from the world's top brands,
reaching more than 200 million consumers. Amyris is proud to own
three consumer brands - all built around its No Compromise® promise
of clean ingredients: Biossance™ clean beauty skincare, Pipette™
clean baby skincare and Purecane™, a zero-calorie sweetener
naturally derived from sugarcane. For more information, please
visit www.amyris.com.
Forward-Looking Statements
This release contains
forward-looking statements, and any statements other than
statements of historical fact could be deemed to be forward-looking
statements. These forward-looking statements include, among other
things, statements regarding future events, such as anticipated
completion of strategic transactions and achievement of milestones,
growth in the Sustainable Health and Clean, Beauty and Wellness
markets, including international expansion and timing thereof,
expected sustained cash generation and profitability, development
of vaccines, delivery of molecules at scale, and operational
optimization, including the expected commissioning of the new plant
in Brazil, and expectations
regarding Amyris's financial and operational results and ability to
achieve its business plan in 2020 and beyond. These statements are
based on management's current expectations and actual results and
future events may differ materially due to risks and uncertainties,
including risks related to Amyris's liquidity and ability to fund
operating and capital expenses, risks related to its financing
activities, risks related to potential delays or failures in
development, production and commercialization of products, risks
related to Amyris's reliance on third parties, and other risks
detailed from time to time in filings Amyris makes with the
Securities and Exchange Commission, including Annual Reports on
Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on
Form 8-K. Amyris disclaims any obligation to update information
contained in these forward-looking statements, whether as a result
of new information, future events, or otherwise.
Amyris, the Amyris logo, No Compromise, Biossance, Pipette, and
Purecane are trademarks or registered trademarks of Amyris, Inc. in
the U.S. and/or other countries.
Financial Tables Follow
Amyris,
Inc.
|
|
|
CONDENSED
CONSOLIDATED BALANCE SHEETS
(Unaudited)
|
|
|
(In thousands,
except shares and per share amounts)
|
September 30,
2020
|
December 31,
2019
|
Assets
|
|
|
Current
assets:
|
|
|
Cash and cash
equivalents
|
$
38,280
|
$
270
|
Restricted
cash
|
329
|
469
|
Accounts receivable,
net
|
27,365
|
16,322
|
Accounts receivable -
related party, net
|
419
|
3,868
|
Contract
assets
|
2,081
|
8,485
|
Contract assets -
related party
|
1,204
|
-
|
Inventories
|
37,212
|
27,770
|
Deferred cost of
products sold - related party
|
9,454
|
3,677
|
Prepaid expenses and
other current assets
|
14,894
|
12,750
|
Total current
assets
|
131,238
|
73,611
|
Property, plant and
equipment, net
|
29,791
|
28,930
|
Contract assets,
noncurrent - related party
|
-
|
1,203
|
Deferred cost of
products sold, noncurrent - related party
|
11,858
|
12,815
|
Restricted cash,
noncurrent
|
960
|
960
|
Recoverable taxes
from Brazilian government entities
|
5,127
|
7,676
|
Right-of-use assets
under financing leases, net
|
10,702
|
12,863
|
Right-of-use assets
under operating leases, net
|
10,904
|
13,203
|
Other
assets
|
5,359
|
9,705
|
Total
assets
|
$
205,939
|
$
160,966
|
Liabilities,
Mezzanine Equity and Stockholders' Deficit
|
|
|
Current
liabilities:
|
|
|
Accounts
payable
|
$
30,357
|
$
51,234
|
Accrued and other
current liabilities
|
28,430
|
36,655
|
Financing lease
liabilities
|
3,882
|
3,465
|
Operating lease
liabilities
|
5,051
|
4,625
|
Contract
liabilities
|
4,430
|
1,353
|
Debt, current
portion
|
31,431
|
45,313
|
Related party debt,
current portion
|
-
|
18,492
|
Total current
liabilities
|
103,581
|
161,137
|
Long-term debt, net
of current portion
|
26,176
|
48,452
|
Related party debt,
net of current portion
|
116,799
|
149,515
|
Financing lease
liabilities, net of current portion
|
1,171
|
4,166
|
Operating lease
liabilities, net of current portion
|
11,109
|
15,037
|
Derivative
liabilities
|
3,834
|
9,803
|
Other noncurrent
liabilities
|
21,996
|
23,024
|
Total
liabilities
|
284,666
|
411,134
|
Commitments and
contingencies
|
|
|
Mezzanine
equity:
|
|
|
Contingently
redeemable common stock
|
5,000
|
5,000
|
Stockholders'
deficit:
|
|
|
Preferred
stock
|
-
|
-
|
Common
stock
|
24
|
12
|
Additional paid-in
capital
|
1,938,411
|
1,543,668
|
Accumulated other
comprehensive loss
|
(49,505)
|
(43,804)
|
Accumulated
deficit
|
(1,977,075)
|
(1,755,653)
|
Total Amyris, Inc.
stockholders' deficit
|
(88,145)
|
(255,777)
|
Noncontrolling
interest
|
4,418
|
609
|
Total stockholders'
deficit
|
(83,727)
|
(255,168)
|
Total liabilities,
mezzanine equity and stockholders' deficit
|
$
205,939
|
$
160,966
|
|
|
|
Amyris,
Inc.
|
|
|
|
|
|
CONDENSED
CONSOLIDATED STATEMENTS OF
OPERATIONS
(Unaudited)
|
|
|
|
|
|
|
Three Months Ended
September 30,
|
|
Nine Months Ended
September 30,
|
(In thousands,
except shares and per share amounts)
|
2020
|
2019
|
|
2020
|
2019
|
Revenue:
|
|
|
|
|
|
Renewable
products
|
$
27,577
|
$
17,363
|
|
$
70,619
|
$
41,367
|
Licenses and
royalties
|
3,563
|
2,305
|
|
9,714
|
43,387
|
Grants and
collaborations
|
3,118
|
15,285
|
|
13,060
|
27,267
|
Total
revenue
|
34,258
|
34,953
|
|
93,393
|
112,021
|
Cost and operating
expenses:
|
|
|
|
|
|
Cost of products
sold
|
25,822
|
20,654
|
|
60,710
|
53,482
|
Research and
development(1)
|
18,197
|
19,032
|
|
52,288
|
56,093
|
Sales, general and
administrative(1)
|
38,321
|
33,341
|
|
100,838
|
92,456
|
Total cost and
operating expenses
|
82,340
|
73,027
|
|
213,836
|
202,031
|
Loss from
operations
|
(48,082)
|
(38,074)
|
|
(120,443)
|
(90,010)
|
Other income
(expense):
|
|
|
|
|
|
Interest
expense
|
(6,627)
|
(16,857)
|
|
(41,747)
|
(44,608)
|
Gain (loss) from
change in fair value of derivative instruments
|
1,999
|
(398)
|
|
(6,498)
|
(2,437)
|
Gain (loss) from
change in fair value of debt
|
34,360
|
(2,055)
|
|
2,908
|
(18,629)
|
Loss upon
extinguishment of debt
|
(2,606)
|
(2,721)
|
|
(51,954)
|
(8,596)
|
Other income
(expense), net
|
(49)
|
1,076
|
|
1,452
|
920
|
Total other expense,
net
|
27,077
|
(20,955)
|
|
(95,839)
|
(73,350)
|
Loss before income
taxes and loss from investment in affiliate
|
(21,005)
|
(59,029)
|
|
(216,282)
|
(163,360)
|
Provision for income
taxes
|
(83)
|
(533)
|
|
(273)
|
(533)
|
Loss from investment
in affiliate
|
(366)
|
-
|
|
(1,058)
|
-
|
Net loss
|
(21,454)
|
(59,562)
|
|
(217,613)
|
(163,893)
|
Less: income
attributable to noncontrolling interest
|
(1,702)
|
-
|
|
(3,809)
|
-
|
Net loss attributable
to Amyris, Inc.
|
(23,156)
|
(59,562)
|
|
(221,422)
|
(163,893)
|
Less: deemed dividend
to preferred stockholder on issuance and modification of common
stock warrants
|
-
|
-
|
|
-
|
(34,964)
|
Less: deemed dividend
to preferred stockholders on conversion of Series E preferred
stock
|
(67,151)
|
-
|
|
(67,151)
|
-
|
Less: loss allocated
to participating securities
|
6,832
|
1,655
|
|
15,369
|
6,233
|
Net loss attributable
to Amyris, Inc. common stockholders, basic
|
(83,475)
|
(57,907)
|
|
(273,204)
|
(192,624)
|
Adjustment to
earnings allocated to participating securities
|
744
|
-
|
|
120
|
-
|
Interest on
convertible debt
|
1,081
|
-
|
|
317
|
-
|
Gain from change in
fair value of debt
|
(17,221)
|
-
|
|
(5,945)
|
-
|
Net loss attributable
to Amyris, Inc. common stockholders, diluted
|
$
(98,871)
|
$
(57,907)
|
|
$
(278,712)
|
$
(192,624)
|
|
|
|
|
|
|
Weighted-average
shares of common stock outstanding used in computing loss per share
of common stock, basic
|
227,267,553
|
103,449,612
|
|
189,192,973
|
91,344,150
|
Basic loss per share
attributable to common stockholders
|
$
(0.37)
|
$
(0.56)
|
|
$
(1.44)
|
$
(2.11)
|
|
|
|
|
|
|
Weighted-average
shares of common stock outstanding
|
227,267,553
|
103,449,612
|
|
189,192,973
|
91,344,150
|
Effect of dilutive
convertible debt
|
15,464,681
|
-
|
|
2,313,525
|
-
|
Weighted-average
shares of common stock equivalents used in computing loss per share
of common stock, diluted
|
242,732,234
|
103,449,612
|
|
191,506,498
|
91,344,150
|
Diluted loss per
share attributable to common stockholders
|
$
(0.41)
|
$
(0.56)
|
|
$
(1.46)
|
$
(2.11)
|
|
|
|
|
|
|
(1)Includes stock-based compensation
expense as follows:
|
|
|
|
|
|
Research and
development
|
$
928
|
$
663
|
|
$
2,774
|
$
2,002
|
Sales, general and
administrative
|
2,492
|
2,571
|
|
7,081
|
8,058
|
|
$
3,420
|
$
3,234
|
|
$
9,855
|
$
10,060
|
|
|
|
|
|
|
Amyris,
Inc.
|
|
|
|
|
|
RECONCILIATION OF
GAAP TO NON-GAAP FINANCIAL
INFORMATION
(Unaudited)
|
|
|
|
|
|
|
Three Months
Ended
September 30,
|
|
Nine Months
Ended
September 30,
|
(In thousands,
except per share data)
|
2020
|
2019
|
|
2020
|
2019
|
Net loss
attributable to Amyris, Inc. common stockholders - Basic
(GAAP)
|
$
(83,475)
|
$
(57,907)
|
|
$
(273,204)
|
$
(192,624)
|
Non-GAAP
adjustments:
|
|
|
|
|
|
Stock-based
compensation expense
|
3,420
|
3,234
|
|
9,855
|
10,060
|
(Gain) loss from
change in fair value of derivative instruments
|
(1,999)
|
398
|
|
6,498
|
2,437
|
(Gain) loss from
change in fair value of debt
|
(34,360)
|
2,055
|
|
(2,908)
|
18,629
|
Loss upon
extinguishment of debt
|
2,606
|
2,721
|
|
51,954
|
8,596
|
Income attributable
to noncontrolling interest
|
1,702
|
-
|
|
3,809
|
-
|
Deemed dividend to
preferred stockholder on issuance and modification of common stock
warrants
|
-
|
-
|
|
-
|
34,964
|
Loss allocated to
participating securities
|
(6,832)
|
(1,655)
|
|
(15,369)
|
(6,233)
|
Deemed dividend upon
conversion of Series E preferred stock into common stock
|
67,151
|
-
|
|
67,151
|
-
|
Contract asset credit
loss reserve
|
8,342
|
-
|
|
8,342
|
-
|
Inventory
lower-of-cost-or-net realizable value adjustment
|
1,337
|
(1,080)
|
|
374
|
(1,396)
|
Other (income)
expense, net, and loss from investment in affiliate
|
415
|
(1,076)
|
|
(394)
|
(920)
|
Net loss
attributable to Amyris, Inc. common stockholders - Basic
(non-GAAP)
|
$
(41,693)
|
$
(53,310)
|
|
$
(143,892)
|
$
(126,487)
|
|
|
|
|
|
|
Weighted-average
shares outstanding
|
|
|
|
|
|
Weighted-average
shares of common stock outstanding used in computing loss per share
of common stock, basic
|
227,267,553
|
103,449,612
|
|
189,192,973
|
91,344,150
|
|
|
|
|
|
|
Loss per share
attributable to Amyris, Inc. common stockholders - Basic
(GAAP)
|
$
(0.37)
|
$
(0.56)
|
|
$
(1.44)
|
$
(2.11)
|
Non-GAAP
adjustments:
|
|
|
|
|
|
Stock-based
compensation expense
|
0.02
|
0.03
|
|
0.05
|
0.11
|
(Gain) loss from
change in fair value of derivative instruments
|
(0.01)
|
0.00
|
|
0.03
|
0.03
|
(Gain) loss from
change in fair value of debt
|
(0.15)
|
0.02
|
|
(0.02)
|
0.20
|
Loss upon
extinguishment of debt
|
0.01
|
0.03
|
|
0.27
|
0.09
|
Income attributable
to noncontrolling interest
|
0.01
|
-
|
|
0.02
|
-
|
Deemed dividend to
preferred stockholder on issuance and modification of common stock
warrants
|
-
|
-
|
|
-
|
0.38
|
Loss allocated to
participating securities
|
(0.03)
|
(0.02)
|
|
(0.08)
|
(0.07)
|
Deemed dividend upon
conversion of Series E preferred stock into common stock
|
0.30
|
-
|
|
0.35
|
-
|
Contract asset credit
loss reserve
|
0.04
|
-
|
|
0.04
|
-
|
Inventory
lower-of-cost-or-net realizable value adjustment
|
0.01
|
(0.01)
|
|
0.00
|
(0.02)
|
Other (income)
expense, net, and loss from investment in affiliate
|
0.00
|
(0.01)
|
|
(0.00)
|
(0.01)
|
Net loss per share
attributable to Amyris, Inc. common stockholders - Basic
(non-GAAP)(1)
|
$
(0.18)
|
$
(0.52)
|
|
$
(0.76)
|
$
(1.38)
|
(1)Amounts
may not sum due to rounding.
|
|
|
|
|
|
|
Three Months
Ended
September 30,
|
|
Nine Months
Ended
September 30,
|
Adjusted
EBITDA
|
2020
|
2019
|
|
2020
|
2019
|
GAAP net loss
attributable to Amyris, Inc. common stockholders - Basic
|
$
(83,475)
|
$
(57,907)
|
|
$
(273,204)
|
$
(192,624)
|
Interest
expense
|
6,627
|
16,857
|
|
41,747
|
44,608
|
Income
taxes
|
83
|
533
|
|
273
|
533
|
Depreciation and
amortization
|
1,905
|
969
|
|
5,300
|
2,691
|
Deemed dividend to
preferred stockholder on issuance and modification of common stock
warrants
|
-
|
-
|
|
-
|
34,964
|
Deemed dividend upon
conversion of Series E preferred stock into common stock
|
67,151
|
-
|
|
67,151
|
-
|
Loss allocated to
participating securities
|
(6,832)
|
(1,655)
|
|
(15,369)
|
(6,233)
|
EBITDA
|
(14,541)
|
(41,203)
|
|
(174,102)
|
(116,061)
|
Income attributable
to noncontrolling interest
|
1,702
|
-
|
|
3,809
|
-
|
Gain (loss) from
change in fair value of derivative instruments and debt, loss upon
extinguishment of debt, other (income) expense, and loss from
investment in affiliate
|
(33,338)
|
4,098
|
|
55,150
|
28,742
|
Inventory
lower-of-cost-or-net realizable value adjustment
|
1,337
|
(1,080)
|
|
374
|
(1,396)
|
Stock-based
compensation
|
3,420
|
3,234
|
|
9,855
|
10,060
|
Contract asset credit
loss reserve
|
8,342
|
-
|
|
8,342
|
-
|
Adjusted
EBITDA
|
$
(33,078)
|
$
(34,951)
|
|
$
(96,572)
|
$
(78,655)
|
|
|
|
|
|
|
Amyris,
Inc.
|
|
|
|
|
|
RECONCILIATION OF
GAAP TO NON-
GAAP FINANCIAL INFORMATION
(Unaudited)
|
|
|
|
|
|
|
Three Months
Ended
September 30,
|
|
Nine Months
Ended
September 30,
|
(In
thousands)
|
2020
|
2019
|
|
2020
|
2019
|
Revenue (GAAP and
non-GAAP)
|
$34,258
|
$34,953
|
|
$
93,393
|
$112,021
|
|
|
|
|
|
|
Cost of products
sold (GAAP)
|
$25,822
|
$20,654
|
|
$
60,710
|
$
53,482
|
Other
costs/provisions
|
(3,848)
|
(1,103)
|
|
(8,937)
|
(3,924)
|
Inventory
lower-of-cost-or-net realizable value adjustment
|
(1,337)
|
1,080
|
|
(374)
|
1,396
|
Excess
capacity
|
(90)
|
(757)
|
|
(571)
|
(1,430)
|
Depreciation and
amortization
|
(407)
|
(218)
|
|
(846)
|
(496)
|
Cost of products
sold (non-GAAP)
|
$20,140
|
$19,656
|
|
$
49,982
|
$
49,028
|
|
|
|
|
|
|
Adjusted gross
profit (non-GAAP)
|
$14,118
|
$15,297
|
|
$
43,411
|
$
62,993
|
Gross margin
%
|
41%
|
44%
|
|
46%
|
56%
|
|
|
|
|
|
|
Research and
development expense (GAAP)
|
$18,197
|
$19,032
|
|
$
52,288
|
$
56,093
|
Stock-based
compensation expense
|
(928)
|
(663)
|
|
(2,774)
|
(2,002)
|
Depreciation and
amortization
|
(1,271)
|
(471)
|
|
(3,763)
|
(1,341)
|
Research and
development expense (non-GAAP)
|
$15,998
|
$17,898
|
|
$
45,751
|
$
52,750
|
|
|
|
|
|
|
Sales, general and
administrative expense (GAAP)
|
$38,321
|
$33,341
|
|
$100,838
|
$
92,456
|
Stock-based
compensation expense
|
(2,440)
|
(2,571)
|
|
(7,029)
|
(8,058)
|
Depreciation and
amortization
|
(227)
|
(279)
|
|
(691)
|
(854)
|
Contract asset credit
loss reserve
|
(8,342)
|
-
|
|
(8,342)
|
-
|
Sales, general and
administrative expense (non-GAAP)
|
$27,312
|
$30,491
|
|
$
84,776
|
$
83,544
|
|
|
|
|
|
|
Cash operating
expense
|
43310
|
$48,389
|
|
$130,527
|
$136,294
|
|
|
|
|
|
|
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SOURCE Amyris, Inc.